SQL - SeqLL enters merger pact with Lyneer Staffing Solutions

2023-05-30 09:19:18 ET

• SeqLL ( NASDAQ: SQL ) has entered into a definitive merger pact with Lyneer Investments, LLC and Atlantic Acquisition Corp. and related parties, pursuant to which Lyneer will become a wholly-owned subsidiary of SeqLL.
• Per the terms, SeqLL will pay $60M in cash to the Lyneer members, and issue to the Lyneer members and Atlantic, an aggregate of 159.87M shares of its common stock, valued at $138.13M at the time of the merger.
• The management of Atlantic and Lyneer will become the management of SeqLL, and the existing business operations of SeqLL, including substantially all of the assets and contractual liabilities of SeqLL, will be sold to a newly-formed company affiliated with Daniel Jones, SeqLL’s current Chairman of the Board and Chief Executive Officer, for nominal consideration.
• Lyneer will continue as the surviving entity and as a wholly-owned subsidiary of SeqLL to be renamed Atlantic International Corp.
• Concurrently, the company notifies the offer and sale of ~$75M of its common stock, the proceeds of which will be used to pay the $60M cash consideration in the Merger to the Lyneer members and for working capital of SeqLL post-closing of the Merger.
• In connection with the closing of the merger , SeqLL will declare a cash dividend payable to the pre-merger stockholders of SeqLL in an amount equal to the cash on hand as of the closing date of the Merger less withholding taxes and certain other liabilities.
• The parties expect the merger to be consummated in the third quarter of 2023, subject to completion of the capital raise and other customary closing conditions.

For further details see: